VALLEY BUSINESS | BUSINESS ROUNDUP

IRIS Reports Net Loss of $1.3 Million for Quarter

International Remote Imaging Systems Inc. in Chatsworth reported a net loss of $1.3 million or 21 cents per diluted share, compared with net income of $3,800, with no per-share gain, for the same period last year.

The company, which manufactures in-vitro diagnostic imaging systems, devices and supplies, said earnings were affected by a $1.5-million charge in connection with the acquisition of Poly U/A Systems Inc., a company-sponsored research and development company.

For the first quarter ended March 31, net revenues of $6.6 million were essentially the same as the comparable period in 1998. Officials said that without the Poly U/A acquisition and other unusual expenses, the first quarter net loss would have been $89,000 or 1 cent per diluted share.

Revenue increases in the urinalysis and small device segments for the quarter were offset by lower revenues in the genetic analysis segment, company officials said.